Trading Standards - Bank Note Scams

10th October 2024

A new scam has been reported in the last couple of weeks which particularly targets older people.

Scammers are phoning people and asking if they still have banknotes with the late Queen's portrait on them.

If they do, the scammer tells them that these notes are no longer legal tender and will have to be exchanged for new notes with the King's portrait.

They either ask the person to send the bank notes to them in the post or say they will send a courier to their house to collect them.

They promise that their bank account will be credited once the old notes are received, but this does not happen.

The Bank of England state that:
"Banknotes that feature the portrait of Her late Majesty, Queen Elizabeth II remain legal tender and are co-circulating alongside King Charles III notes. New banknotes will only be printed to replace those that are worn or damaged to meet any overall increase in demand for banknotes."

The Royal Bank of Scotland state that:
"All Royal Bank of Scotland and Ulster banknotes (as with all Scottish and Northern Irish banknotes) remain legal currency, will not be withdrawn from circulation in the same way as the Bank of England notes, and have no end date for acceptance."

How to Avoid
The best way to prevent these scams is to make sure that as many people as possible are aware of them. Please share this information with older relatives or friends to ensure they are aware of these scams and know not to deal with cold callers.

Never provide any personal or financial details to a cold caller, even if they already appear to have some of your information.

Contact your bank immediately if you think you may have given your account details to a scammer.

If you are worried about an older relative receiving cold calls, you can sign them up to the Telephone Preference Service for free by calling 034 070 0707 or online at www.tpsonline.org.uk.
Many home phone providers offer services (some of which are free) to block unwanted calls.
There is also a range of standalone devices that can be used to block/ monitor calls such as trueCall Secure call blockers.

Find out More
Information from the Bank of England about current banknotes: www.bankofengland.co.uk/banknotes/current-banknotes
Information from Royal Bank of Scotland about current banknotes: www.natwestgroup.com/banknotes/current-issue-banknotes
General advice on avoiding phone scams (PDF): www.tsscot.co.uk/Phone-Scam-Information.pdf